Calls for a quick election in France have raised fears of political uncertainty in the Eurozone, directly impacting the euro. Additionally, the divergence in monetary policies between the Eurozone and the United States may further pressure the euro.

Last Wednesday, Mario Centeno, a member of the European Central Bank's (ECB) Governing Council, stated that the central bank could continue to ease monetary policy if inflation remains within the projected range.

A report on U.S. retail sales showed a slowdown, indicating a decline in consumer activity. This may pressure the Federal Reserve (Fed) to cut interest rates further later this year, which would weaken the U.S. dollar.